The Professional Association of Real Estate Brokers in Quebec reported that home sales in the Montreal area jumped by 18 percent in January compared to the same month last year.

The association says that total home sales in the area reached 2077 during the month, up from 1766 in January 2023, and the average price of a detached home in January was $535,000, an increase of seven percent from $500,000 the previous year, while the average price of a condominium was $390,000, an increase of five percent.

The average price of two-story and larger homes was $722,500, an increase of seven percent.

Active listings for January jumped by 16 percent compared to the previous year to 16838, while new listings rose by 22 percent to 5410

Charles Brant, Market Analysis Director at QPAREB, says that sales increased thanks to better expectations regarding interest rates, which are expected to decrease this year as inflation declines.

But he believes there are still several "headwinds," including a sharp slowdown in economic activity, which has caused uncertainty among potential home buyers.